FESM vs. TRCSX

Last updated Jun 4, 2026

FESM (Fidelity Enhanced Small Cap ETF) and TRCSX (T. Rowe Price Small-Cap Index Fund) are both Small Cap Blend Equities funds. Over the past year, FESM returned 46.73% vs 41.07% for TRCSX. Their correlation of 0.87 suggests significant overlap in exposure. FESM charges 0.28%/yr vs 0.14%/yr for TRCSX.

Performance

FESM vs. TRCSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap ETF (FESM) and T. Rowe Price Small-Cap Index Fund (TRCSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FESM having a 19.64% return and TRCSX slightly lower at 18.68%.

FESM

• 1D: -1.51%
• 1M: 3.13%
• YTD: 19.64%
• 6M: 19.11%
• 1Y: 46.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TRCSX

• 1D: 0.89%
• 1M: 4.98%
• YTD: 18.68%
• 6M: 17.42%
• 1Y: 41.07%
• 3Y*: 18.53%
• 5Y*: 6.54%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FESM vs. TRCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FESM Fidelity Enhanced Small Cap ETF	19.64%	17.88%	16.22%	12.19%
TRCSX T. Rowe Price Small-Cap Index Fund	18.68%	12.72%	11.36%	12.49%

Correlation

The correlation between FESM and TRCSX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.87

The correlation between FESM and TRCSX has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

FESM vs. TRCSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 72
FESM Omega Ratio Rank: 66
FESM Calmar Ratio Rank: 84
FESM Martin Ratio Rank: 82

TRCSX

TRCSX Risk / Return Rank: 75
TRCSX Sharpe Ratio Rank: 77
TRCSX Sortino Ratio Rank: 71
TRCSX Omega Ratio Rank: 55
TRCSX Calmar Ratio Rank: 90
TRCSX Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FESM vs. TRCSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap ETF (FESM) and T. Rowe Price Small-Cap Index Fund (TRCSX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FESM	TRCSX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.56	-0.08
Sortino ratio: Return per unit of downside risk	3.34	3.52	-0.18
Omega ratio: Gain probability vs. loss probability	1.41	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	4.61	4.58	+0.03
Martin ratio: Return relative to average drawdown	16.60	15.85	+0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FESM vs. TRCSX - Sharpe Ratio Comparison

The current FESM Sharpe Ratio is 2.48, which is comparable to the TRCSX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of FESM and TRCSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FESM	TRCSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.56	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.34	+0.95

Drawdowns

FESM vs. TRCSX - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, smaller than the maximum TRCSX drawdown of -31.94%. Use the drawdown chart below to compare losses from any high point for FESM and TRCSX.

Drawdown Indicators

	FESM	TRCSX	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-31.94%	+5.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-10.96%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.94%	—
Current Drawdown Current decline from peak	-1.59%	-0.15%	-1.44%
Average Drawdown Average peak-to-trough decline	-4.79%	-13.51%	+8.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	3.01%	-0.19%

Volatility

FESM vs. TRCSX - Volatility Comparison

Fidelity Enhanced Small Cap ETF (FESM) and T. Rowe Price Small-Cap Index Fund (TRCSX) have volatilities of 5.64% and 5.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FESM	TRCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	5.66%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.32%	14.60%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	19.58%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	23.15%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	23.10%	-1.84%

FESM vs. TRCSX - Expense Ratio Comparison

FESM has a 0.28% expense ratio, which is higher than TRCSX's 0.14% expense ratio.

Dividends

FESM vs. TRCSX - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.53%, less than TRCSX's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021
FESM Fidelity Enhanced Small Cap ETF	0.53%	0.82%	1.08%	0.06%	0.00%	0.00%
TRCSX T. Rowe Price Small-Cap Index Fund	2.02%	2.39%	3.18%	1.27%	1.58%	1.69%

Frequently Asked Questions

Can I hold both FESM and TRCSX in my portfolio?

FESM and TRCSX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FESM or TRCSX?

TRCSX has higher volatility (5.66%) compared to FESM (5.64%). In terms of maximum drawdown, FESM dropped -26.93% vs TRCSX's -31.94%.

Which has better risk-adjusted returns?

TRCSX currently has the higher Sharpe Ratio (2.56 vs 2.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.